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Rockville Maryland Real Estate Investment Coaching

Updated on June 30, 2009

Dorothy Shi and Jenny Xiu

Rocking the Rockville Real Estate Market

Prior to the mentoring visit we spent over three hours on four separate conference calls to help them become more prepared for my visit.  We went over the homework that they would need to accomplish prior to my visit along with who they should contact to set up appointments/interviews for their “team”.

 I arrived on Monday night, September 24th, and the ladies picked me up from the airport and we spent about 3 hours visiting with each other over dinner and discussing the week ahead of us.  The ladies told me that they had sent out 50 printed NOD letters, along with 25 yellow letters.  They also discussed that they had not set up any interviews for the week yet.  We also agreed that they would meet me each day at the hotel around 9-9:30 am depending on the traffic situation.

Day One                                  Tuesday, September 25, 2007

9:30     The ladies picked me up at the hotel and we proceeded to head to the Montgomery County Library.  The library is centrally located in Rockville, Maryland and is within walking distance of the CountyClerk’s, CountyZoning, and CountyCourthouse.  We spent the morning calling three realtors, three mortgage brokers, three title companies, and three hard money lenders.  We were able to set up interviews with all three realtors, two mortgage brokers, and two hard money lenders.  All three of the title companies were not able to set up specific times to interview with them due to it being the end of the month, but they would have time to visit with us next week. 

During our phone calls, Dorothy and Jenny both received phone calls from their yellow letters that they had sent out on the previous Friday.  We visited with both individuals and set up appointments with each of them to discuss their options.  Both contacts gave us their property address and so we decided to walk down the courthouse to do a preliminary title and information search on both of them. 

12:00   We visited the county clerks office and we were directed to the public search area to find our information.  All of the property records and transactions are recorded and available online for people at no charge.  We spent around an hour reviewing both properties and we also visited the recording office to find the list of newly recorded deeds, notice of defaults, and the appointments of substitute trustees.  MontgomeryCounty is highly efficient in updating the countywebsites with the newest recorded information within 24-48 hours.  After discussing both properties we chose to head to lunch.

1:00     Lunch

2:00     We came back from lunch and spent the next hour discussing traditional versus hard money financing, and then structuring each deal with each type along with offering owner financing on each as well to end users.  We headed out at 3 pm to Congressional Funding to meet with Jeffrey Holland, mortgage broker. 

3:00     We arrived at Congressional Funding and Jeffrey escorted us into a conference room to visit with him and the owner, Richard Gjerulff.  Richard explained how he had owned Congressional for 30 years and how they offered conventional financing with hard money loans as well.  He also mentioned that his company was handling a majority of loans from Wells Fargo’s local branches to help with non-conventional loans.  Richard also mentioned that they handled a portfolio of loans as well from several of their warehouse lines of credit as well.  We also discussed him sending us a pool of his non-performing notes and he asked a bunch of questions regarding color and size of pools.  Richard was quite rude to both Dorothy and Jenny, not even really acknowledging them as they sat down, or as we left the meeting.  Jeffrey was quite nice, though, and took an additional 20 minutes to discuss some of his lending programs.  He also discussed what some of his private lenders were offering as far as hard money loans.  We thanked him for his time and headed back to the library.

4:00     We arrived back at the library and we began to roll play on how the ladies should handle phone calls and meeting with clients.  We also worked on the Four Goal Close as well.  I made both ladies fill out property information sheets several times to get comfortable asking questions and uncovering information from their NOD replies.  We worked until 5 pm, and then we headed out to meet with Robin Ficker and Denise Joy, Real Estate Brokers.

5:00     We met with Robin and Denise and had a very nice visit with them.  They were both lawyers turned real estate brokers and had been working in real estate for over 3 years.  One of the interesting things that they were doing is tracking Assignment’s of Substitute Trustees in the surrounding three counties.  Denise showed us a list showing over 140 assignments in a week period two weeks before my arrival.  We discussed with them what we were looking for and they stated that they could get us a few properties to look at by the end of the week.  Robin and Denise had a lot of questions for us, and were excited to here about the marketing that the ladies were doing as well.  We discussed the market and what they expected the local market to do over the next two years.  They also discussed with us several short sale listings that they were working as well. We left the meeting and we all agreed that they would be a good source to utilize.

7:00     The ladies dropped me off at the hotel and we called it a night. 

Day Two                                 Wednesday, September 26, 2007

9:30     Dorothy picked me up at the hotel and we headed back to the library to work.  I spent the morning calling local banks and mortgage companies to visit with their secondary marketing managers.  I was able to visit with four of the twelve, and was able to get two of them to discuss sending me pools of their non-performing notes.  While this was an area that both ladies wanted to focus on, they both realized that it would be much more difficult for them to have the same results due to their thick accents, and the numerous questions that I had to answer from each person.  I told them to not give up on this, and that with enough practice; they could achieve the same results with time.  We discussed what each lender had asked me and what my answers were to each.

11:00   We started looking at several Craigslist adds that the ladies had discovered during my note pool phone calls and we called several of them.  We were able to get a hold of one seller and we were able to get a lot of information on the deal that turned out to be a short sale scenario as well.  The lady currently had the property listed for sale, and wanted to discuss the option with her realtor before calling us back.  We gave her all three of our numbers and told her to call us with any questions. 

12:00   Lunch

1:00     We headed out to meet with one of Dorothy and Jenny’s friends, Mimi Abdo, a realtor with A-K Real Estate Inc.  We arrived on time and Mimi escorted us into their conference room to visit with her, her boss and owner, Samer Kuraishi, her assistant, Andrew Hemming, and loan officer Peter Torrieri.  Samer had started A-K real estate five years ago and housed 12 realtors with 26 loan officers as well.  A-K focused on providing buyer and sellers with realtors, traditional and hard money financing, and investment services. We had a great visit with Sam, and he escused himself to meet with his next appointment.  We next visited with Peter who discussed some of his financing options.  We had a nice visit with Peter, and then we spent around 45 minutes speaking with Mimi and Andrew on what we were looking for.  We had Mimi pull a list of REO properties in Montgomery.  It turned out that there were over 220 REO’s with 24 being on the market for over five months.  We worked with her to import the data to Excel to allow us to work the information to our liking.  We also reviewed the information that they had pulled together on an empty house that Dorothy had found in her neighborhood that was going to foreclosure in a week.  Andrew had found a number listed for the owner, but it was now disconnected.  I called Diane English in Lee’s office and had her run skip trace on the owner.  We found an alternate number on the owner, which turned out to be a fax number.  We wrote up a letter and faxed it to the number to see if we could have them call Dorothy.  We thanked Mimi and Andrew for their time and left.

3:30     We arrived back at the library and began to review the REO’s and the information that Mimi had given us.  I worked with the ladies to create a mail merge on the 24 REO’s that were over five months and we created 24 letters of intent at 60% of the listed price.  We called Mimi to discuss the letters, and she was extremely excited and offered to fax the letters to the listing agents herself.  We emailed her the LOI’s and started to work on pulling up what the lenders had paid for the properties at the foreclosure sales. 

5:00     The ladies both had to leave to pick up their daughters from day-care, so we wrapped up the day with Jenny dropping me back off at the hotel.

Day Three                               Thursday, September 27, 2007

9:30     Jenny picked me up at the hotel and we met Dorothy back at the library.  We spent the morning going through several marketing ideas for both of the ladies to attract wholesale buyers and potential owner financed buyers.  I had them both post two ads apiece and then email them to each other so that they had a total of four ads that they could place on a regular basis.  I also spent some time going through several of the local REI clubs that were meeting in the DC, VA, and DC areas.  I recommended that they both attend at least one to two of them on a regular basis. 

11:00   Dorothy brought up a phone call that she had received from a friend of hers who had signed on a loan for his boss, but after a year his boss took off and left him in charge of a loan and a property that he did not want.  We spent some time working on finding exactly who was on the deed and who the lenders were.  We called Mr. Chen, and set up to meet with him that evening.  We then called Andrew and Mimi to arrange for them to show us four of the REO properties that we had discovered from their list.  Me met Andrew at his office and headed out.

12:00-3:00       We viewed five REO’s with Andrew throughout varies areas of MontgomeryCounty.  We asked him to pull some comps on all four to give us a better idea of what was on the market, average selling times, square footage and cost versus square footage. 

3:00     Lunch

4:00     We headed back to the library and started to look at the online sales records for Montgomery county and we were pleased to discover that we could find the updated sales by street and subdivision.  This allowed us to be able to find accurate comps and price the surrounding neighborhoods.  We also answered several emails from the marketing adds that we had placed on Craigslist as well.  We also discussed how the ladies could have Mr. Chen sign over the deed to them and then sell the deed back to the lender and make a quick profit, while helping him avoid a foreclosure as well.  We headed out to meet Mr. Chen at his workplace.

6:00     We arrived at Mr. Chen’s workplace, but unfortunately he had already left.  We tentatively planned the next day and Dorothy stated that she would give Mr. Chen a call later that evening. 

Day Four                     Friday, September 28, 2007.

9:00     Jenny picked me up at the hotel and we headed over to Mr. Chen’s shop.  Dorothy met us there and we met and began to visit with Mr. Chen.  He understood English but almost exclusively spoke Chinese.  We spent about an hour communicating back and forth with Jenny translating back and forth so that I would understand.  We discussed with him his options, but Mr. Chen wanted to review the Deed with his attorney before he would sign it.  He did agree to sign the authorization form to allow us to at least contact the lender.  After signing it, we headed out to the library.

10:00   Jenny and I arrived at the library and for over an hour we could not get a hold of Dorothy.  While we were waiting on her to arrive I started to outline an ongoing marketing plan for them both.  Dorothy finally called us at 11:30 and stated that Mr. Chen had called her after we all left and asked her a bunch of questions.  She stated that she explained the same options again to him, and he stated that he would go ahead and sign the deed.  She stated that she had gone back and picked him up and that they had gone to his bank and had the deed notarized.   She also had to run a couple of errands and would pick us up for lunch around 12:30. 

11:30   While she was gone, we called on Jenny’s contact that had called her the night before from one of their yellow letters.  We were able to visit with Fatu for a few minutes and go over all of her options.  She was interested in negotiating a short sale and walk away from the property.  We were able to set up a meeting with her on Monday.  After visiting with Fatu on the phone, we finished up the marketing plan and met Dorothy for lunch.

12:30   Lunch

1:30     Mentor wrap-up and evaluation.  We spent the last hour going over the marketing plan with both of the ladies.  While we were visiting at the restaurant, we discovered a three story building that was vacant and only two blocks from downtown Rockville.  We spoke to the restaurant owner who stated that the city now owned the property and that it had been empty for at least the last two years.  We spent a thirty minutes discussing how they could proceed, and we agreed to visit via phone on Monday afternoon after the ladies identified the contact information and property information.

2:30     Dropped off at Subway.

Market Analysis

Rockville, Maryland is located about 15 miles north west of WashingtonD.C. on the Metro line.  Rockville is located in MontgomeryCounty which is home to one of the largest foreclosure ratios in the nation.  Rockville’s average home price is in the $350,000 range.  It is a buyer’s market in the area with over 4,000 homes on the market and the average home taking 90 days to sell.   The county is also home to over 200 REO homes.  Based on the realtors that we spoke with, the area is ripe for sellers to offer owner financing, but unfortunately, most sellers and local realtors are not familiar with this type of transaction.  Most of the local residents either work locally or commute to the capital.  Based on the construction taking place in the area, the area along with up to the Clarkburg area (12 miles north) is an area that is ripe for continued growth and expansion as the capital area continue to expands.  The surrounding area of Maryland, Virginia, and DC are also home to a lot of local and small banks.  With so many foreclosures taking place, we believe that the area is full of opportunity for defaulted note pools.



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    • profile image


      7 years ago


    • profile image

      dionis gaines 

      8 years ago

      I am interested in purchasing a home in montgomery county, maryland with owner financing. Who can I contact to assist me in securing a home financed by the owner in rockville, silver spring, gaithersburg, germantown......My e-mail is


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